Kaupthing Edge Savings Accounts to become ING Accounts by 8th Feb 09

EalingSaver

Found my ing letter in the post. Answers my earlier question. "As an existing ING customer...." i will have two accounts sitting alongside each other. So I'll just wait for formal confirmation of the bonus rate/duration on the 'new' account and decide which to consolidate into.

jimbow25

shesketh wrote: »

Just spoke to ING who told me that migrating a/c holders from Kaupthing Edge will be given the option of a) sticking with the KE terms (guaranteed to be 0.3% above BBR until Feb 2012), or b) a 2.05% fixed bonus above ING Direct's variable rate for 6 months. Think I know which option I will plump for...;)

I'm not sure which you think is clearly best. If customers get this choice would some choose the former?

Granted a BoE rate guarantee isn't worth much at the moment but a lot could change over 3 years. If inflation increased in the months and years to come and then the base rate rose it might make it a useful account to have on the backburner?

omelette451

jimbow25 wrote: »

I had the above e-mail and also some information in the post about this switch this morning.

This seems strange because I called and closed my account in December, the KE website acknowledges this is the case, and I've received my closing balance (26p) in my linked account. Are they going to give me an ING account anyway, I wonder.

If you've closed KE I think it's unlikely you'll get a new ING one - it's probably just that the letter-printing department hasn't kept up with the account-closing one...

gzed

So basically the KE account is moved to ING and we can keep the same term and conditions (in terms of transfer and withdraw) but we need to choose between:
a)keep the same rate (and future evolution as KE promised until 2011/2012)
b) move to "ING" conditons with the 2% bonus for 6 month and then the rate dropping to god knows what.

I have less than £5k on my KE, but I'm thinking on taking the bonus option and then moving it somewhere else later on (maybe there will be some attractive ISA comes April). Hum tricky, I'm quiet undecided actually...

GCH888

I wonder ... once my KE account has been transferred into ING and I've accepted the special bonus rate can I deposit more money into this new ING savings account? Specifically can I transfer money from my existing ING account into my new ex-KE account?

Theodogdinho

Well belt and braces for me. Just set up a new ING account to secure the 2% bonus for 12 months and will wait to see what happens when the KE account migrates to ING in a few weeks. At least then I'll have the option to put the money in whichever of the two ING accounts is best (if either is by then - I have 3.6% with A&L too). Anyone else taking this approach?

Theodogdinho

... but I'll be watching the FT story closely first...

jzi19

Same here. I so do not want to get stung again. My current savings indecisions means I hold foreign currency, which by pure luck only, are doing well due to the poor state of the pound against far east currencies.I'll change them back into GBP once the pound starts to recover. Meanwhile, some of my money is languishing in a poor barclays account earning negligible amounts.

omelette451

GCH888 wrote: »

I wonder ... once my KE account has been transferred into ING and I've accepted the special bonus rate can I deposit more money into this new ING savings account? Specifically can I transfer money from my existing ING account into my new ex-KE account?

At the very least you'll surely be able to transfer it via a third-party (e.g. current) account - who are they to know?